Guidance Should Satisfy Critics of Government Anti-Bribery Prosecutions
WASHINGTON, DC – Civil society organizations welcomed today’s release of the Department of Justice (DOJ) and Securities and Exchange Commission’s (SEC) new guidance for businesses on the Foreign Corrupt Practices Act (FCPA), the U.S. law that makes it illegal to bribe foreign officials. The FCPA creates a strong and effective mechanism to fight financial fraud and corruption, which impede economic growth and raise the costs of doing business internationally.
Coalition of NGOs Urges Treasury to Address Beneficial Ownership Issues, Expand List of Predicate Offenses, Require Enhanced Due Diligence for All PEPs
Transparency Groups Originally Requested AML Review in September 2011
“Enforcement Must Be a Priority”
WASHINGTON, DC – The Financial Accountability and Corporate Transparency (FACT) Coalition1 welcomed news that the U.S. Department of the Treasury will be leading a government task force to review the nation’s antiquated anti-money laundering (AML) regulations. The FACT Coalition—an alliance of more than 60 prominent anti-corruption, transparency, small business, and global development groups—originally called on the Treasury Department in September 2011 to undertake such a review.
U.S. Treasury Department Now Working with Over 50 Jurisdictions Globally to Fight Tax Evasion
WASHINGTON, DC – Global Financial Integrity today applauded the U.S. Department of the Treasury for working with over fifty jurisdictions to establish agreements enabling the bilateral automatic exchange of tax information as part of the implementation of the Foreign Account Tax Compliance Act (FATCA).
Key Oil, Gas, and Mining Industry Transparency Rules Will Not Be Delayed by Pending Litigation
WASHINGTON DC – Global Financial Integrity (GFI) applauded the Securities and Exchange Commission (SEC) today for denying the request (PDF) of industry groups to stay key oil, gas, and mining transparency rules pending a lawsuit.
Industry Lobbying Groups Seek to Mire Regulations in ‘Legal Quicksand’ Despite Widespread Support by World Leaders
WASHINGTON DC — Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization, urged the Securities and Exchange Commission today to deny the suspension request made by the American Petroleum Institute for recently finalized rules implementing Dodd-Frank Section 1504 transparency requirements for oil, gas, and mining companies.
Following Several, Recent, High-Profile Cases Against International Banks for Violating U.S. Sanctions Against Iran, the Iranian Rial Lost 60% of its Value against the U.S. Dollar Last Week. Could There Be A Connection?
WASHINGTON, DC – The Iranian Rial tanked last week—plummeting 60% against the U.S. Dollar and triggering widespread domestic unrest—conspicuously in the wake of several, recent, high-profile legal actions against international banks for circumventing U.S. sanctions against Iran. In a new blog post on the website of the Task Force on Financial Integrity & Economic Development, Global Financial Integrity (GFI) spokesman EJ Fagan suggests the two are likely connected.
Panel of Experts to Discuss the New Book and the link between Illicit Financial Flows, Corruption, Global Security
WASHINGTON DC – This Thursday, October 4, Global Financial Integrity will host the first official launch event for the new book, Waging War on Corruption: Inside the Movement Fighting the Abuse of Power, by Transparency International co-founder Frank Vogl.
TO THE EDITOR:
“A French Shift on Africa Strips a Dictator’s Son of His Treasures” (Paris Journal, Aug. 24) highlights the need for Congress to take action to abolish anonymous shell corporations. These secretive entities helped enable President Teodoro Obiang Nguema Mbasogo’s son to launder more than $100 million of ill-gotten gains through American banks to finance his lavish lifestyle while ordinary Equatorial Guineans remain mired in poverty.
